FULTON, Md. (AP) -- Pump and valve maker Colfax Corp. is buying Cot-Puritech, an oil flushing and remediation services supplier, for at least $34 million.
Colfax said Wednesday that the acquisition will expand its total lubrication management services offering, particularly for the oil and gas market.
The transaction includes the possibility of additional payments based on reaching performance goals.
Cot-Puritech is based in Canton, Ohio and supplies its services to refinery and petrochemical operators, power generation plants and other industrial manufacturing sites. It generated about $20 million in revenue last year.
Its 80 workers will become a part of Colfax's fluid handling business.
Colfax, based in Fulton, Md., announced in September that it would buy Charter International PLC, which owns two engineering businesses, in a cash-and-stock deal valued at $2.4 billion.